Location: Cass County, MI | Metro: Cass County, MI HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $820 |
| 1 Bedroom | $920 |
| 2 Bedrooms | $1,030 |
| 3 Bedrooms | $1,310 |
| 4 Bedrooms | $1,720 |
| 5 Bedrooms | $1,995 |
| 6 Bedrooms | $2,234 |
| 7 Bedrooms | $2,413 |
| 8 Bedrooms | $2,534 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,030 | $213,904 | 0.48% | F |
| 3BR | $1,310 | $280,616 | 0.47% | F |
U.S. Census Bureau data (2024)
The market in ZIP 49031, Cassopolis, MI, presents a dynamic equilibrium between supply and demand, with slight indications that supply may marginally exceed demand. The Fair Market Rent (FMR) for the area stands at $910 for fiscal year 2024, while the market rent, according to the Census ACS, is slightly lower at $855. This suggests that landlords can maintain rents close to the FMR without significant pushback from tenants, indicating a stable but not overheated rental market.
A key indicator of market conditions is the price-cut share, which is currently at 0.2%. This low figure implies that most properties are selling at their listed prices, or very close to them, suggesting a market where sellers are not feeling pressured to reduce asking prices. However, the lack of data on days on market (DOM) prevents a definitive conclusion on whether properties are moving quickly or slowly through the market. In the absence of DOM data, we must rely on other metrics to gauge market momentum.
The median home value in ZIP 49031 is $275,507. This figure provides context for the overall property values in the area, indicating a moderate cost of living. It's important to note that the median home value does not directly correlate with rental demand, but it can influence the attractiveness of the area for both buyers and renters.
The renter share of the population in Cassopolis is 20.9%. This percentage reveals a significant portion of the population that relies on rental housing, which can be indicative of long-term housing pressures. A higher renter share often means that there is a steady demand for rental properties, as these individuals are less likely to purchase homes due to financial constraints or other factors. This can create a situation where rental properties remain in high demand, providing a stable income stream for landlords.
In summary, ZIP 49031 appears to be a market with a slight tilt towards supply meeting demand, but with a substantial renter population ensuring consistent demand for rental properties. Landlords and small-portfolio investors should find the market stable, with opportunities for steady returns. However, the low price-cut share and the specific snapshot of data indicate that the market is well-balanced, with neither an overwhelming surplus nor shortage of available housing.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.